Business Economics and Public Policy Papers

Document Type

Journal Article

Date of this Version

12-2011

Publication Source

Journal of Risk and Insurance

Volume

78

Issue

4

Start Page

961

Last Page

982

DOI

10.1111/j.1539-6975.2010.01401.x

Abstract

Although annuities are a theoretically appealing way to manage longevity risk, in the real world relatively few consumers purchase them at retirement. To counteract the possibility of retirees outliving their assets, Singapore's Central Provident Fund, a national defined contribution pension scheme, has recently mandated annuitization of workers’ retirement assets. More significantly, the government has entered the insurance market as a public-sector provider for such annuities. This article evaluates the money's worth of life annuities and discusses the impact of the government mandate and its role as an annuity provider on the insurance market.

Copyright/Permission Statement

This is the peer reviewed version of the following article: Joelle Fong, Benedict S.K. Koh, Olivia S. Mitchell (2010), Longevity Risk Management in Singapore’s National Pension System,Journal of Risk and Insurance, which has been published in final form at http://dx.doi.org/10.1111/j.1539-6975.2010.01401.x. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving: http://olabout.wiley.com/WileyCDA/Section/id-820227.html#terms

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Date Posted: 27 November 2017

This document has been peer reviewed.